JPMorgan profit falls on $4.4 billion trading loss [View all]
Source: Reuters
Fri Jul 13, 2012 8:08am EDT
(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank, posted $4.4 billion of credit trading losses, but said it had cleaned up the group responsible for the bad bets.
The bank said its Chief Investment Office, which made the trades, was no longer betting on credit derivatives. Another group will manage what is left of the trades.
The CIO, which manages risk for the overall bank and invests excess deposits, will now focus on conservative investments, JPMorgan said. The problems were isolated to the group, the company added.
"We have put most of this problem behind us and we can now focus our full energy on what we do best," Chief Executive Officer Jamie Dimon said in a statement.
Read more: http://www.reuters.com/article/2012/07/13/us-jpmorgan-earnings-idUSBRE86C0G420120713
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